Evercore (EVR) has made an impressive rally since September. Let's check and see if more upside gains are possible this year for the investment banking advisory firm.
In this daily bar chart of EVR, below, I see a constructive-looking picture. Prices reversed direction in late September. EVR rallied from $80 to over $135. I can see a correction in November/December and another pullback in March. Both of these counter-trend moves found buying interest (support) around the 200-day moving average line.
Trading volume has been increasing since September and the On-Balance-Volume (OBV) line shows a rise from September telling us that buyers of EVR have been more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator is crossing above the zero line now for a new outright buy signal.
In this weekly Japanese candlestick chart of EVR, below, I see a promising picture. Prices are trading above the rising 40-week moving average line. The weekly candles show lower shadows as they test the 40-week line - this tells me that traders rejected the lows.
The OBV line has followed prices upwards since September. The MACD oscillator has been correcting but the two moving averages of the oscillator are narrowing towards a possible bullish crossover.
In this daily Point and Figure chart of EVR, below, I can see that the software is projecting the $157 area as a potential price target.
In this weekly Point and Figure chart of EVR, below, I can see that prices reached a downside price target in the $115 area. A trade at $132 may be needed to turn this chart positive.
Bottom line strategy: Traders could go long EVR at current levels risking to $115. The $157 area is my first price target.
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